Gitnux/Report 2026

Home Buying Statistics

First-time buyers dropped to 26% in 2023, as affordability hit a record low of 91.8 in June 2024—what this shift signals for buyers.
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Home Buying Statistics
Lukas BauerWritten by Lukas Bauer·Edited by Priyanka Sharma·Fact-checked by Yumi Nakamura
Last verified Jul 14, 2026
Verified via a 4-step process
01Source

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

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Next review Jan 2027
Home buying in the United States is shaped by changing demographics, rising prices, and tighter mortgage conditions. In 2023, 26% of buyers were first-time buyers, and Millennials (ages 27–42) accounted for 38%. Median household income reached $107,000, even as the national median home price rose to $419,200 by Q2 2024 and mortgage rates averaged near 7%. This page connects affordability, financing, regional prices, and inventory to show what buyers face.

Key Takeaways

  • First-time buyers median age was 38 in 2023.
  • 26% of 2023 home buyers were first-time buyers, down from 32% in 2022.
  • Millennials (ages 27-42) made up 38% of buyers in 2023.
  • In 2023, the median existing-home sales price in the US was $389,800, a 2.7% increase from 2022.
  • As of Q2 2024, the national median home price was $419,200, up 4.4% year-over-year.
  • Housing affordability hit a record low in June 2024 with the index at 91.8, down from 100.7 a year prior.
  • Active inventory rose 20% YoY to 1.28 million homes in July 2024.
  • Months of supply for existing homes was 4.2 in June 2024.
  • New listings increased 6% YoY in June 2024.
  • 30-year fixed mortgage rate averaged 6.95% in early 2024, impacting affordability.
  • In Q2 2024, 82% of buyers financed with mortgages, down from 87% in 2021.
  • Average loan amount for purchase mortgages was $309,800 in 2023.
  • Median home price in New York City was $770,000 in Q1 2024.
  • Austin home prices fell 5.1% YoY to $545,000 in June 2024.
  • Florida median price hit $415,000, up 4% YoY in Q2 2024.

First time buyers grew rarer in 2023 as prices rose, rates stayed high, and affordability hit new lows in 2024.

Related reading

01 · Category

Buyer Demographics And Behavior30 stats

01
First-time buyers median age was 38 in 2023.
02
26% of 2023 home buyers were first-time buyers, down from 32% in 2022.
03
Millennials (ages 27-42) made up 38% of buyers in 2023.
04
Median household income of buyers was $107,000in 2023.
05
99% of buyers used the internet in their home search in 2023.
06
Single women accounted for 19% of primary buyers in 2023.
07
57% of buyers were married couples in 2023.
08
Baby Boomers (59+) were 24% of buyers but 28% of sellers in 2023.
09
89% of buyers considered neighborhood quality most important in 2023.
10
Racial minorities comprised 27% of first-time buyers in 2023.
11
Buyers viewed 10 homes median before purchase in 2023.
12
14% of buyers were born outside the US in 2023.
13
Gen Z buyers (under 25) increased to 4% in 2023.
14
52% of first-time buyers were ages 23-34 in 2023.
15
Veterans made up 11% of buyers using VA loans in 2023.
16
68% of buyers were pre-approved for mortgages before shopping.
17
Repeat buyers median age 56 vs. first-time 38 in 2023.
18
21% of buyers purchased multi-generational homes in 2023.
19
Hispanic buyers grew to 13% of total buyers in 2023.
20
44% of buyers looked at 5 or fewer homes in 2023.
21
Black buyers median income $92,000vs. overall $107,000 in 2023.
22
73% of buyers found agent via referral in 2023.
23
Urban buyers sought homes averaging 1,800 sq ft in 2023.
24
62% prioritized home price over other factors in 2023.
25
Asian buyers 8% of market, highest median income $130,000 in 2023.
26
34% of buyers compromised on home size in 2023.
27
Median tenure before buying was 10 years for repeat buyers.
28
17% of buyers were same-sex couples in 2023.
29
Suburban areas attracted 48% of buyers in 2023.
30
91% of buyers used a real estate agent in 2023.
Interpretation

Buyer Demographics And Behavior Interpretation

In 2023, buyer behavior shows a shift toward more experienced demographics with first-time buyers down to 26% from 32% while millennials comprised 38% of buyers and 99% relied on the internet for their home search.

02 · Category

Home Prices And Affordability30 stats

01
In 2023, the median existing-home sales price in the US was $389,800,a 2.7% increase from 2022.
02
As of Q2 2024, the national median home price was $419,200,up 4.4% year-over-year.
03
Housing affordability hit a record low in June 2024 with the index at 91.8, down from 100.7 a year prior.
04
The typical US home value increased by 4.2% over the past year to $368,969 as of July 2024.
05
In 2023, 23% of homes sold above list price, contributing to affordability challenges.
06
The price per square foot for existing homes averaged $237in Q1 2024.
07
Home prices rose 5.2% annually in May 2024, the fastest pace in 17 months.
08
Affordability for first-time buyers dropped to 31% of households in Q2 2024.
09
Median home sales price in California reached $859,700in Q1 2024.
10
Nationally, homes took 5% longer to sell in 2023 due to high prices, averaging 29 days on market.
11
The Case-Shiller National Home Price Index rose 6.4% in April 2024 year-over-year.
12
In 2023, 16% of homes sold under asking price amid affordability strains.
13
Rent-to-price ratio indicated buying was 35% more affordable than renting in 2024.
14
Median price for new single-family homes was $417,400in June 2024.
15
Home price growth slowed to 2.7% YoY in Midwest as of June 2024.
16
45% of buyers cited high home prices as the biggest hurdle in 2023.
17
National home price-to-income ratio hit 5.6 in Q1 2024, highest since 2006.
18
Luxury home prices surged 7.1% YoY to median $1.45M in Q1 2024.
19
Starter homes under $300K saw 3.2% price growth in 2024.
20
Affordability index for repeat buyers was 153.4 in June 2024.
21
Home values in Sun Belt metros grew 5.8% YoY as of July 2024.
22
28% of sellers reduced prices in June 2024 due to buyer affordability issues.
23
Median condo price rose to $372,600in Q1 2024.
24
Price growth in Northeast was 3.9% YoY in May 2024.
25
37% of potential buyers delayed purchase due to high prices in 2023 survey.
26
Median list price nationwide was $435,000in July 2024.
27
Home price appreciation forecasted at 3.8% for 2024 by NAR.
28
Affordability for median income family required $114,000income in 2024.
29
Inventory-adjusted price growth was 4.1% in Q2 2024.
30
Bottom-tier home prices up 4.7% YoY in June 2024.
Interpretation

Home Prices And Affordability Interpretation

In the Home Prices And Affordability category, home costs kept climbing while affordability worsened, with the national median home price reaching $419,200 in Q2 2024, up 4.4% year over year, even as the affordability index fell to a record low of 91.8 in June 2024.

03 · Category

Inventory And Market Conditions30 stats

01
Active inventory rose 20% YoY to 1.28 million homes in July 2024.
02
Months of supply for existing homes was 4.2 in June 2024.
03
New listings increased 6% YoY in June 2024.
04
Total unsold inventory represents 3.7 months supply in July 2024.
05
Homes sold after median 24 days on market in June 2024.
06
Pending home sales up 0.6% MoM but down 5.8% YoY in June 2024.
07
New home inventory at 451,000 units, 8.1 months supply in June 2024.
08
27% of homes had price drops in June 2024.
09
Seller's market in 84% of metros as of Q2 2024.
10
Existing-home sales totaled 3.97 million annually in June 2024 pace.
11
Listings with price reductions hit 36.5% in July 2024.
12
Under-construction new homes comprised 29% of inventory in Q2 2024.
13
Median days on market for new homes 49 days in June 2024.
14
Inventory per 1,000 households rose to 18 in Q2 2024.
15
15% YoY increase in active listings in South as of July 2024.
16
Homes selling in under 2 weeks dropped to 22% in June 2024.
17
Total housing starts 1.34 million annualized in June 2024.
18
Expired listings up 10% YoY in competitive markets Q2 2024.
19
Builder confidence index at 43 in July 2024, indicating low supply expectations.
20
Condo inventory up 15% YoY to 6.5 months supply in 2024.
21
4.1 months supply for single-family homes in June 2024.
22
New listings in Midwest surged 12% YoY in July 2024.
23
19% of listings had open houses weekly in Q2 2024.
24
Housing permits fell 2.5% MoM to 1.24 million in June 2024.
25
Shadow inventory estimated at 1.5% of active listings in 2024.
26
Canceled contracts up 18% YoY amid low inventory in 2023.
27
Luxury inventory months supply at 7.2 in Q2 2024.
28
8% increase in rental vacancies easing new build pressure in 2024.
29
Median list price cuts averaged 4% in slow markets June 2024.
30
Single-family completions up 4.2% YoY to 970,000 annualized.
Interpretation

Inventory And Market Conditions Interpretation

Inventory conditions are easing as active listings climbed 20% year over year to 1.28 million homes in July 2024, with months of supply at 4.2 and total unsold inventory at 3.7 months, signaling a more balanced market than last year.

More related reading

04 · Category

Mortgage Rates And Financing28 stats

01
30-year fixed mortgage rate averaged 6.95% in early 2024, impacting affordability.
02
In Q2 2024, 82% of buyers financed with mortgages, down from 87% in 2021.
03
Average loan amount for purchase mortgages was $309,800in 2023.
04
Denial rate for mortgage applications hit 15.3% in 2023.
05
FHA loans comprised 17% of purchase originations in Q1 2024.
06
7% of 2023 buyers used VA loans, primarily veterans.
07
Jumbo mortgage rates averaged 7.12% in June 2024.
08
Debt-to-income ratio averaged 36% for approved mortgages in 2023.
09
ARM share of new mortgages rose to 9% in Q2 2024.
10
Closing costs averaged $6,905for buyers in 2023.
11
41% of buyers put down less than 10% in 2023.
12
Mortgage applications for purchases fell 3% YoY in June 2024.
13
Average FICO score for purchase loans was 754 in Q1 2024.
14
Cash-out refinance share was 64% of refinances in 2023.
15
15-year mortgage rate was 6.15% in July 2024.
16
Down payment assistance used by 28% of first-time buyers in 2023.
17
Mortgage insurance premiums averaged 0.8% of loan balance annually in 2024.
18
Conforming loan limit increased to $766,550in 2024.
19
52% of loans were conventional in Q1 2024 purchase market.
20
Refinance originations dropped 70% YoY in 2023 due to high rates.
21
Points paid by buyers averaged 1.3% of loan amount in 2023.
22
5/1 ARM rates averaged 6.82% in June 2024.
23
Credit score minimum for most lenders is 620, but average approved is 730+.
24
HomeReady loans require 3% down for low-income buyers.
25
Mortgage delinquency rate was 3.97% in Q1 2024.
26
22% of buyers waived appraisals in 2023 to secure financing.
27
GSE share of purchase loans was 65% in 2023.
28
Average monthly mortgage payment hit $2,689in June 2024 for typical loan.
Interpretation

Mortgage Rates And Financing Interpretation

With the 30-year fixed mortgage rate averaging 6.95% in early 2024 and the mortgage share of buyers falling to 82% in Q2 2024 from 87% in 2021, financing pressure is clearly reshaping how many homebuyers can qualify and choose mortgages.
report visual · Breakdown

Who’s buying and how they search (2023)

First-time buyers are a minority but younger buyers still make up a large share, and nearly all buyers use the internet during the search.

38%
Millennials (ages 27-42) made up 38% of buyers in 2023.
62%
62% prioritized home price over other factors in 2023.
report visual · Comparison

Home prices rising while affordability worsens

Even as home prices continue to climb year over year, affordability is slipping—pressuring buyers and first-time households.

Housing affordability hit a record low in June 2024 with the index at 91.8, down from 100.7 a year prior.2024
Affordability for first-time buyers dropped to 31% of households in Q2 2024.31%
As of Q2 2024, the national median home price was $419,200, up 4.4% year-over-year.4.4%
In 2023, the median existing-home sales price in the US was $389,800, a 2.7% increase from 2022.2.7%
report visual · Key figures

Inventory and Market Cooling—Supply and Pricing Pressure

Inventory is rising while selling speed and price resilience weaken, signaling a more buyer-friendly market.

20%
Active inventory rose 20% YoY to 1.28 million homes in July 2024.
4.2
Months of supply for existing homes was 4.2 in June 2024.
6%
New listings increased 6% YoY in June 2024.
22%
Homes selling in under 2 weeks dropped to 22% in June 2024.
36.5%
Listings with price reductions hit 36.5% in July 2024.
24
Homes sold after median 24 days on market in June 2024.
report visual · Breakdown

Mortgage rates are up—and fewer buyers are financing

Higher mortgage rates and weaker financing shares are shaping affordability and purchase activity.

36%
Debt-to-income ratio averaged 36% for approved mortgages in 2023.
64%
Cash-out refinance share was 64% of refinances in 2023.
report visual · Comparison

Regional home price growth: fastest vs slowest

Price growth varies widely across regions, with some markets seeing double-digit gains while others grow far more slowly.

San Francisco Bay Area inventory up 40% YoY June 2024.40%
Southeast metros saw 7.5% price growth in Atlanta Q1 2024.7.5%
Midwest sales prices rose 6.2% YoY to $295,000 in May 2024.6.2%
Austin home prices fell 5.1% YoY to $545,000 in June 2024.5.1%
Florida median price hit $415,000, up 4% YoY in Q2 2024.4%
Denver prices declined 1.8% YoY to $575,000 in July 2024.1.8%
Reference

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Lukas Bauer. (2026, February 13). Home Buying Statistics. Gitnux. https://gitnux.org/home-buying-statistics
MLA
Lukas Bauer. "Home Buying Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/home-buying-statistics.
Chicago
Lukas Bauer. 2026. "Home Buying Statistics." Gitnux. https://gitnux.org/home-buying-statistics.

Sources & references

36 datasets cited across this report · attribution is report-level

nar.realtorredfin.comzillow.comfhfa.govcorelogic.comcrcal.orgrealtor.comspglobal.comattomdata.comcensus.govblackknightinc.comjchs.harvard.edutrulia.comfanniemae.comfred.stlouisfed.orgmba.orgconsumerfinance.govurban.orgbankrate.comfreddiemac.comclosingcorp.comrocketmortgage.comsinglefamily.fanniemae.comnaahq.orgnahb.orgfloridarealtors.orghouston.orgchicagorealtors.orgmiamirealtors.comrealtracs.comhawaiilife.comnorcalrealtors.orgutahrealtors.commainehousing.orgomaharealtors.comgcar.com